Agenda - 01-21-1992 - Laserfiche WebLink

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Page 3 of 15 Section 3. Limitations of Project. This Agreement shall be subject to, and the availability of funds contingent upon, the terms and conditions of a grant agreement between the FTA and the Department. Section 4. Period of Performance. The Contractor shall commence, carry on, and complete the Project as described in the Approved Project Budget from July 1, 1992 to December 31, 1993. This Agreement shall remain in effect until the Contractor has satisfactorily disposed of all project equipment in accordance with Sections 14 and 15 of this Agreement. Section 5. Cost of Project. The total cost of the Project, approved by the Department and FTA, is SIXTY -SEVEN THOUSAND, FOUR HUNDRED FIFTY -FIVE DOLIARS ($67,455) as set forth by Appendix A, Project Description and Budget. (a) State Share. The Department shall provide, from federal and State fiords, eighty -five (85 %) percent of the actual net cost of the Project, not in excess of FIFTY -SEVEN THOUSAND, THREE HUNDRED THIRTY -SIX DOLLARS ($57,336). (b) Local Share. The local share must be provided from source other than federal funds, except where specific legislative language of a federal program permits its funds to match other federal funds. The Contractor hereby agrees that it will provide fifteen (15 %) percent of the actual net cost of the Project. The net cost is the price paid minus any refunds, rebates, or other items of value received by the Contractor which have the effect of reducing the actual cost. The Contractor shall initiate and prosecute to completion all actions necessary to enable the Contractor to provide its share of Project costs at or prior to the time that such funds are needed to meet Project costs. The Contractor shall provide its share of Capital costs from sources other than FTA funds.